Streaming service Netflix is buying film studio Warner Bros. for $82.7 billion. This was reported in a company press release.
“Today Netflix and Warner Bros. "Discovery announces that it has entered into a definitive agreement under which Netflix will acquire Warner Bros., including its film and television studios, HBO Max and HBO," the statement said.
Netflix noted that this deal combines “the best streaming service with the century-old heritage of Warner Bros.” Now series and shows from Warner Bros. (specifically, The Big Bang Theory, The Sopranos, Game of Thrones and DC Comics) will appear in the Netflix catalogue.
“Our mission has always been to entertain the world. Bringing together the incredible library of Warner Bros. series and films. “From timeless classics like Casablanca and Citizen Kane to modern favorites like Harry Potter and Friends, with our culture-defining projects like Stranger Things, K-Pop Demon Hunter and A Game of Squid, we can do it even better,” said the executive. Netflix Ted Sarandos.
Reuters notes that the purchase of Warner Bros. "will further shift the balance of power in Hollywood in favor of the streaming giant [Netflix], which achieved its dominance without major acquisitions or a large library of content." The deal would likely face antitrust scrutiny in Europe and the United States because it would give Netflix rights to rival HBO Max, which has 130 million subscribers.